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ACS, Actividades De Construcción Y Servicios, SA and Subsidiaries

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ACS, Actividades De Construcción Y Servicios, SA and Subsidiaries ACS, Actividades de Construcción y Servicios, S.A. and Subsidiaries Consolidated Financial Statements for the year ended 31 December 2012, prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and Consolidated Directors' Report ACS, Actividades de Construcción y Servicios, S.A. and Subsidiaries Consolidated Financial Statements for the year ended 31 December 2012, prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union ACS, Actividades de Construcción y Servicios, S.A. and Subsidiaries – Consolidated Financial Statements INDEX Page - Consolidated Statement of Financial position 31 December 2012 ....................................................................................................................... 5 - Consolidated Income Statement for the year ended 31 December 2012 ............................................................................................................. 7 - Consolidated Statement of Comprehensive Income for the year ended 31 December 2012 .............................................................................. 8 - Consolidated Statement of Changes in Equity for the year ended 31 December 2012 ....................................................................................... 9 - Consolidated Statement of Cash flows for the year ended 31 December 2012 .................................................................................................. 10 - Notes to the Consolidated Financial Statements for the year ended 31 December 2012 ................................................................................... 11 01.- Group Activity ................................................................................................................................................................................................ 11 02.- Basis of presentation of the consolidated financial statements and basis of consolidation ............................................................................ 13 02.01.- Basis of presentation ..................................................................................................................................................................... 13 02.02.- Basis of consolidation .................................................................................................................................................................... 15 03.- Accounting Policies ........................................................................................................................................................................................ 18 03.01.- Goodwill ......................................................................................................................................................................................... 19 03.02.- Other intangible assets .................................................................................................................................................................. 19 03.03.- Tangible Assets - property, plant and equipment........................................................................................................................... 20 03.04.- Non-current assets in projects ....................................................................................................................................................... 21 03.05.- Investment property ....................................................................................................................................................................... 23 03.06.- Impairment of tangible assets – property, plant and equipment and intangible assets excluding goodwill .................................... 23 03.07.- Inventories ..................................................................................................................................................................................... 24 03.08.- Non-current and other financial assets .......................................................................................................................................... 24 03.09.- Non-current assets held for sale, liabilities relating to non-current assets held for sale and discontinued operations ................... 25 03.10.- Equity ............................................................................................................................................................................................. 29 03.11.- Grants ............................................................................................................................................................................................ 29 03.12.- Financial liabilities .......................................................................................................................................................................... 29 03.13.- Provisions ...................................................................................................................................................................................... 30 03.14.- Risk management policy ................................................................................................................................................................ 32 03.15.- Derivative financial instruments ..................................................................................................................................................... 32 03.16.- Revenue recognition ...................................................................................................................................................................... 33 03.17.- Expense recognition ...................................................................................................................................................................... 34 03.18.- Offsetting ....................................................................................................................................................................................... 34 03.19.- Corporation Tax ............................................................................................................................................................................. 34 03.20.- Earnings per share ........................................................................................................................................................................ 34 03.21.- Foreign currency transactions........................................................................................................................................................ 35 03.22.- Entities and branches located in hyperinflationary economies ...................................................................................................... 35 03.23.- Consolidated Statement of Cash Flows ......................................................................................................................................... 36 03.24.- Entry into force of new accounting standards ................................................................................................................................ 36 04.- Intangible assets ............................................................................................................................................................................................ 39 04.01.- Goodwill ......................................................................................................................................................................................... 39 04.02.- Other intangible assets .................................................................................................................................................................. 41 05.- Tangible assets – property, plant and equipment .......................................................................................................................................... 42 06.- Non-current assets in projects ....................................................................................................................................................................... 43 07.- Investment property ....................................................................................................................................................................................... 46 08.- Joint ventures ................................................................................................................................................................................................ 47 09.- Investments in companies accounted for using the equity method ................................................................................................................ 47 10.- Financial assets ............................................................................................................................................................................................. 48 10.01.- Equity instruments ......................................................................................................................................................................... 48 10.02.- Loans to associates ....................................................................................................................................................................... 50 10.03.- Other loans
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